Al Khair Global acquires 10.3% of Arkan Al Kuwait

The acquisition was carried out for $6.79mln

  
Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. Image used for illustrative purpose.

Traders monitor stock information at the Borsa Kuwait Stock Exchange, in Kuwait City, Kuwait November 9, 2016. Image used for illustrative purpose.

REUTERS/Stephanie McGehee

Kuwait  -  Boursa Kuwait announced that the acquisition procedures of Al Khair Global for Buying and Selling Shares on part of Arkan Al Kuwait Real Estate’s shares were completed on Thursday.

The decision was subject to the Capital Markets Authority’s (CMA) approval.

Al Khair Global has acquired 25.9 million shares of Arkan Al Kuwait, representing 10.3% of the capital. The transaction total value amounts to KWD 2.1 million or 0.0824 fils per share.

Last March, Kuwait Pillars for Financial Investment Co, an independent investment advisor licensed by the CMA, evaluated the share price under the said mandatory acquisition offer at 85.8 fils, close to the one offered by Al Khair Global at 82.4 fils.

Source: Mubasher

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